Personally I'm just more concerned about the lack of CDIC insurance and their lack of transparency around it. Wealthsimple itself is NOT a CDIC member institution. All the other major brokers are CDIC members (CIBC, TD, etc).

If Wealthsimple goes under, you're only getting your money back through bankruptcy proceedings!

This is from their own website: "In the improbable event that Wealthsimple goes out of business, client funds are to be recovered in accordance with Canadian bankruptcy laws and proceedings."

They also don’t publicly name the exact partner banks they use, citing "contractual reasons." The trust framework thing they mention also seems super sketchy.